Thailand: Finance Ministry to dispose of shares in 24 companies in Q1

Photo: REUTERS/Athit Perawongmetha

Thailand’s Finance Ministry is preparing to sell its shares in 24 unlisted companies, including four massage parlour businesses, in the first quarter of this year, according to a statement on Wednesday.

The announcement of the state looking at exiting these businesses comes after news that the Victoria: The Secret Forever massage parlour was allegedly engaging in human-trafficking, according to Bangkok Post’s report.

Of the 24 unlisted entities, the combined asset value of 20 enterprises, including the four massage parlours, is said to be very small. And, the asset value of the four remaining entities are in the higher range although financial details were not disclosed. So, the state has hired KT Zmico Securities as a financial advisor to help with the process of stake sale in the high-value entities.

Piyawan Lamkitja, deputy director general of the State Enterprise Policy Office (SEPO), said, in a statement, the ministry holds about 0.5 – 2 per cent stakes each in four massage parlours: Davis Daimond Star, Davis Copacabana, Davis Golden Star and Davis Silver Star.

“It is the first time that SEPO has divested shares held by the Finance Ministry in companies that were foreclosed by law,” she said. “The Ministry does not receive any investment, nor does it engage in management.”

The Cabinet has passed the resolution since 2016 to allow the Finance Ministry to sell the unnecessary business shares to comply with five-year divestment plan through 2021.

To date, the Ministry holds the shares in 116 companies. Of total, 88 are private companies, 23 are state enterprises and the remainders are mutual funds.  Around 33 of private companies have ended the businesses, she said.

Also read:

Thailand evokes Temasek as Junta tries to revive state firms

Thai govt okays $22.6b infrastructure investment in EEC

Sale of seven hotels in Thailand expected to mop up $388m in total

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.